Tenable(US:TENB)2025-05-06 20:35Revenue and Growth - Revenue for the three months ended March 31, 2025, was $239,137,000, representing a 10.8% increase from $215,961,000 in the same period of 2024[86] - Total revenue increased by $23,176,000, or 11%, from $215,961,000 in 2024 to $239,137,000 in 2025[132] - Subscription revenue grew by $22,808,000, or 12%, from $197,635,000 in 2024 to $220,443,000 in 2025[132] - Calculated current billings for the three months ended March 31, 2025, were $215,360,000, up from $197,757,000 in 2024, reflecting a growth of 8.9%[91] - Recurring revenue accounted for 96% of total revenue in both the three months ended March 31, 2025, and 2024[86] Profitability and Losses - Net loss for the same period was $22,935,000, compared to a net loss of $14,386,000 in 2024, indicating a 59.5% increase in losses[86] - The company reported a net loss of $22,935,000 for the three months ended March 31, 2025, compared to a net loss of $14,386,000 for the same period in 2024, representing an increase in loss of 59%[106] - Non-GAAP net income for the same period was $44,250,000, up from $30,440,000 in 2024, reflecting a 45% increase[106] - Non-GAAP income from operations for the three months ended March 31, 2025, was $48,677,000, compared to $37,008,000 in 2024, representing a 31.5% increase[104] - Non-GAAP operating margin improved to 20% in 2025 from 17% in 2024[104] Expenses - Sales and marketing expenses rose by $3,357,000, or 3%, from $99,825,000 in 2024 to $103,182,000 in 2025[134] - Research and development expenses increased by $9,496,000, or 22%, from $43,727,000 in 2024 to $53,223,000 in 2025[130] - General and administrative expenses surged to $47,983,000 in 2025, up from $31,018,000 in 2024, marking a 55% increase[130] - Research and development expenses increased by $9.5 million, or 22%, to $53.2 million in Q1 2025 from $43.7 million in Q1 2024[136] - General and administrative expenses rose by $17.0 million, or 55%, to $48.0 million in Q1 2025 compared to $31.0 million in Q1 2024[136] Cash Flow and Investments - Free cash flow for the three months ended March 31, 2025, was $80,230,000, compared to $47,129,000 in 2024, showing a significant increase of 70.3%[94] - Net cash provided by operating activities was $87.4 million in Q1 2025, up from $50.3 million in Q1 2024[153] - Net cash used in investing activities increased by $120.5 million, primarily due to acquisitions[155] - Cash and cash equivalents totaled $233.4 million, with short-term investments at $226.8 million as of March 31, 2025[142] Customer Metrics - The number of new enterprise platform customers added in the period was 361, a decrease of 12% from 410 in the same period of 2024[96] - The number of customers with annual contract values of $100,000 and greater increased by 19%, from 1,717 in 2024 to 2,042 in 2025[97] - The dollar-based net expansion rate was 108% for the twelve months ended March 31, 2025, slightly down from 109% in 2024[100] Deferred Revenue and Acquisitions - Deferred revenue reached $808.4 million, with $633.2 million expected to be recognized as revenue in the next 12 months[144] - The company acquired Vulcan for $148.5 million in cash in February 2025, indicating ongoing market expansion efforts[145] Other Financial Metrics - Interest expense decreased by $1.1 million, or 14%, to $7.0 million in Q1 2025 from $8.1 million in Q1 2024[138] - The provision for income taxes increased by $1.9 million, or 118%, to $1.7 million in Q1 2025 from $3.6 million in Q1 2024[142] - The company expects gross profit to increase in absolute dollars, but gross margin may fluctuate due to cloud infrastructure costs[117] - The company anticipates continued investment in research and development to enhance its cloud-based platform, expecting R&D expenses to rise in absolute dollars annually[123]